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, and in terms of the sequester, i agree with the last guest. in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over entirely. if you extrapolate a 5% or 6% return we've had so far this year, we'll have one of the greatest stock markets of all time in the face of, you know, good earnings but not great earnings, in the face of still slow growth. i think that's a little unrealistic so we'll probably get a little bit of a pullback, unusual if we didn't. still recommending a substantial allocation to equities. this year looks like last year, political uncertainty. last year was a good year for stocks. as for stocks versus bonds, i've been thinking it was the end of a 30-year
coming into the u.s. and more made in america products shipped overseas, the u.s. trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was
the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama important to the nation. >> hour house majority will
about deficits, we are buying in to the right wing mantra somehow deficits are killing the economy. look at great britain and doing with their austerity plans and doesn't add up. i'm much more of the mind to be proactively looking at infrastructure investment like many of the business advisers told president obama should happen. people from commerce, from industry. i get it. that won't happen as long as house republicans are dead set against it. and what we're left with is unfortunately in my view a detente to put the discussion in the frame the republicans want. what about deficits? we have a jobs crisis in this country. not a deficit crisis. to me, the whole conversation has been pushed to the right further than it should be. >> and karen, on a last note, in anticipation of the president's speech, the white house released numbers on the people affected by the cuts. i believe around 600,000, between 600,000 and 800,000 suffering as a result of cuts to food stamps and other program that is people need to survive these days and at least some of the analysis out there, democrats feel that
with smarter spending reductions to bring down the deficit. we can do it in a gradual way so that there is less of an impact. these deductions that certain folks can take advantage of, the average person cannot. not everyone has access to cayman island accounts, the average person does not have access to carry interest income, where they wind up paying a much lower rate on the billions that they earned. we want to make sure that the whole system is fair and transparent and that we are reducing our deficit in a way that does not hamper growth and reduce the kinds of strategies that we need in order to make sure that we are creating a strong middle-class. host: jim from south carolina, on the republican line, good morning. caller: how are you? host: well, thank you. caller: you keep mentioning and hearing people talking about pensions, but pensions are just invested the same way that 401k is. stocks and bonds. people with pensions lost money as well. i heard cases where people were not going to get as much money. if someone is manages their 401k, i do not know, it needs to be managed properly and
've had enough. they think the spending cuts are the only way to achieve true deficit reduction. back to you. >> all right, melanie. thank you very much. >>> president obama's pick to head the cia. a justice department memo leaked yesterday outlined the justification for killing american citizens without a trial if they are working with al-qaida. learning about a secret u.s. drone base first reported by the new york times. did not object to water boarding al-qaida terrorists though now he opposes that technique. >> fbi is combing over -- investigators have revealed they found two explosive devices on the suspect's property. one was in the ventilation pipe authorities were using to communicate with that man. the other was inside the bunker. dykes was killed by swat agents as they engaged in a fire fight as they stormed the bunker and rescued the boy. >> the murder case heads back to court in dc. a judge will hold a hearing to decide if the media should have documents related to secret hearings. the meetings allegedly focused on an issue with trial witness. convicted of killing levy bac
the economy is in a recession or if it it's sagging, then you need deficit spending to get it moving. republicans used to agree with that. even in 2007 and 2008, they were proposing different stimulus measures. they no longer agree with the idea that they get the economy moving in a rough time. so maybe you have to actually have some spending cuts go into effect and see the effect on the economy for them to recognize the fact that oh, yes, if we take this money out of the economy, the economy will go down. that's what happened last quarter. if you hit the pentagon and if you hit domestic spending there's no question that the economy will retreat. so maybe they actually have to see that happen and then there will be some type of political reckoning and a turnaround and we can talk rationally about how to get this economy going again and create jobs. >> of course the president insisted -- and he talked about this yesterday -- he thinks we have to stop lurching from crisis to crisis. >> we continue to have these self-inflicted crisis here in washington that suddenly leads everybody to t
the deficit automatically picks up because there's slow revenue coming in and there's the need to spend on programs to help ease us through a slow period. it was wise policy, wise policy. >> bob, what do you think? >> well, i agree with laura that a better policy would be to put these cuts into entitlement reform and have them occur over time rather than immediately and abruptly, but it doesn't seem like the other side it s willing to engage in discussion of entitlement reform right now, so maybe we need to go ahead and do what we have to do and then keep the negotiations open. >> is that the issue then, laura? since we can't come to a deal when the republicans feel like they have leverage, they have got to do it when they can do it? >> i honestly don't think so. we have elections coming up in two years. i've heard republican members of the hill saying that this is what the public wants, the public wants a sequester. the public doesn't want a sequester. when the public realizes what a sequester means for jobs in their community, for education programs in their community, for the fact th
're brewed by starbucks. coming up next, how can washington solve the deficit and spur growth? "new york times" washington bureau chief david leonhard may have the answers, and he joins us live next. this happy couple used capital one venture miles for their "destination wedding." double miles you can "actually" use. but with those single mile travel cards... [ bridesmaid ] blacked out... but i'm a bridesmaid. oh! "x" marks the spot she'll never sit. but i bought a dress! a toast... ...to the capital one venture card. fly any airline, any flight, anytime. double miles you can actually use. what a coincidence? what's in your wallet? [ all screaming ] watch the elbows ladies. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ if you don't have something important to say? [ female announcer ] some people like to pretend a flood could
families. and that means a balanced package that will reduce our long-term deficit and debt, but that still allows us to invest in those things that we need to grow right now because that's also a deficit reduction agenda that's growing faster. and in order to have a balanced package that means that we've already done a lot of cuts. we've done some revenue now, and so the rest of the way moving forward we can do some additional reforms and make our health care programs work better and make them more efficient, and we can cut out programs that we don't need, but it also means that we've got to be able to close some tax loopholes and deductions that the average american cannot take advantage of, to raise the revenue, to actually do the job in a way that allows us to continue to grow. now, the reason this is relevant is because i gather and i haven't gotten this from first-hand sources, but from second hand sources in the press that our friends on the other side of the aisle, their position is we're concerned about the sequester. we recognize that just cutting the federal spending with the mea
in the budget, but he says that he wants to ask congress to find a way to reduce the deficit in a balanced way to avoid these deep and indiscriminate cuts the large measure of which would come from the department of defense. we'll get you more on that, 12:15 the president will be speaking. a young girl's fight for her life spreading a message against taliban oppression, what an amazing story this is. we now hear from the 15-year-old girl from pakistan who was shot for just wanting to go to school. gregg: a florida teenage store did not take her court appearance very seriously until the judge laid down the law, but it's what she said that actually got her more time in the slammer. >> count one would be 10,000. >> are you serious? >> i am serious. adios. [bleep] >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your mon
sent him a message. the symbolic vote he detail how he would cut the deficit to avoid the automatic spending cuts next month. >> mr. president, you missed the deadline again. let's see your plan. let's show it to the american people and have the discussion about the proper way to manage down this debt and deficit. >> reporter: without a budget deal on march 1st so-called sequestration will force reductions in military training, cutbacks in operations, and layoffs of civilian pentagon employees plus civilian defense contractors. >> it's an idiotic management nightmare to try to run a complex sophisticated, long-term program when you have short-term, massive cuts. >> reporter: deep cuts also loom in social services. outgoing defense secretary panetta slammed democrats and republicans for their game of chicken. >> let's see how bad it can get in order to have the other party blink. >> reporter: some senate republicans today said push the deadline back seven months. but house speaker john boehner said in effect he will not blink. >> at some point, washington has to deal with its spendin
an economic value of negative $16.3 billion. that is basically a deficit in its capital reserve because of mortgages continuing to go bad. but one fha critic, ed pinto, of the american enterprise institute testified today by his analysis the fha is actually short by more than $50 billion. so critics say that this means the fha is headed for a bailout but, fha supporters say that the critics are hyperventilating. >> if the fha were a private financialness stigs likely somebody would be fired, somebody would be fined or the institution would find itself in receivership. instead it is merely merrily on its way to becoming the recipient of the next great taxpayer bailout. >> i don't think there are many independent people think we're looking at the next great bailout. yes, the fha is little bit of an issue at the moment because of its countercyclical mission, by the way it was part of a their original mission to come in during the difficult times. they did that and they are in trouble because of it. >> reporter: house republicans got legislation through congress last year to try to reform t
and the deficit and debt crisis, everyone is entrenched in their positions and sitting back and saying, i think sequestration is going to happen. you know who is going to take the brunt of it. the across the board nature of the cuts are going to hurt our ability to train and maintain, vehicles, ships and airplanes and the things that provide the readiness for our military are going to take a dramatic cut and we'll have done nothing to reform the way we spend money and put our country on a sound physical track. >> of course, pete, as we talk about cutting back, our enemies are ramping up and you see north korea doing more testing and iran moving possibly closer to nuclear weapons. do our enemies overseas pay attention to our budget woes and our plans here at home? >> sure they do. they look at our capabilities. they look at our disposition. they perceive us differently when we're perceived to be drawing back and pulling away from the world and cutting our capability. so, what happens in washington is watched very, very closely and that's why we have to demonstrate our commitment to maintaining t
references to the trust deficit that has at times existed between this committee and the cia. if i'm confirmed, the address the deficit between the committee and the cia would be wholly unacceptable and i would make it my goal on day one of my tenure and every day thereafter to strengthen the trust between us. i have a reputation for speaking my mind, and at times doing so in a direct manner, which some attribute to my new jersey routes. -- roots. i would like to think that my candor would reassure you that you'll get straight answers from me, maybe not always those you will like, but you will get answers and they will reflect my honest views. that is the commitment i made to you. i would like to finish by saying a few words about the importance of taking care of the women and men who serve in the cia. because the of the secretiveness that the intelligence work requires, few americans will ever know the making sacrifices that these professionals and their families make every day. many have risked their lives and at times have given their lives to keep our country states. -- safe. i
's come back and talk about it. >> if i am confirmed, a trust deficit between the committee and the cia would be wholly unacceptable to me. i like to think that mikan dore and bluntness will reassure you you will get straight answers from me, maybe not always the ones you like, but you will get answers and they will reflect my honest views. >> senator, you've been one of the most high-profile critics of the administration for not giving as much information particularly the legal documentation underpinning the targeting of u.s. citizens. is there a current trust deficit between the senate intelligence committee and the administration, and can someone like john brennan heal it or not? >> he did move in the right direction in a number of areas. i was very pleased when he said that if a mistake was made on a targeted killing matter, he'd make a public acknowledgement, something like that. i think he did take some steps in the right direction and the president did as well when he called on wednesday night and said he would reverse course and make additional materials available with respect t
there's no major catalysts in the market. we got that trade deficit number narrowest in three years. >> good numbers from china. >> if we can believe them. i don't know. depends how you feel about the numbers. still the numbers were there. that was some after what the market was chewing on today. but a low volume day. >> a lot of talk about apple. we're going go after apple in a second. everyone is talking about apple and its excess cash and what's going to happen and this lawsuit from mine einhorn. >> $137 billion dollar of excess cash. that's a lot of cash. should they be returning it to shareholders? einhorn says give it back to us in the form of preferred shares. he's filed this lawsuit. i think it's interesting really that apple even responded. so often you don't heart company say anything when all of this buzz is going around. i don't know what are going to do. i don't know what the right thing is to do. but i know they should make the shareholders feel like it's worth holding that stock. >> i think there's going to be a lot of movement on that. many thanks to cnbc's courtney
and deficit, fixing the education system for the most vulnerable is the way he puts it. the way he talks about immigration, are those things that will resonate? >> i think jonathan's right. what the republican party used to stand for, when george h.w. bush was president, is something that the republican party doesn't seem to stand for for most americans anymore. what they seem to stand for today is being, you know, insensitive on immigration. and not being mindful of a woman's -- you know, women's rights and there are symbols that the republican party promotes, like, they say they're for education, but they want to abolish the department of education. and i think that makes it difficult for them to cut through. if eric cantor can do it, then it needs to be done. but i'm just -- i think that there are candidates out there every single cycle that get in the way of the republicans try to rebrand and they are back in this same position every two years. >> eric cantor is not alone, for sure, jonathan, your old boss, or i guess your boss, karl rove, as how often talked about trying to fix the image
is it is getting to the root crop -- the root causes of our trust deficit, our leadership deficit, and putting concepts, practical solutions before the american people. >> no matter what your thoughts maybe, if you really want to fix things, this is the central place to get it done. >> we have problem solvers in congress who want to wear the no labels badge. >> that is the first step to take. >> if we do not come together, we will be the first generation to turn over this country in worse shape than we received it. >> my friends are immigrants. they came to america with the fundamental hope of what this government stands for. >> people across the country want america to be the greatest nation on earth. >> the country they came from had a civil war going on. it did not have the opportunities that america provides. >> we want to make sure that we are the hope of the world and this is the place for your dreams to come true. >> it is actually up to all of us to strengthen our civic backbone and demand something different. a vision of how to get it done. no labels can help do that. >> we are changi
a chart yesterday that the deficit has already fallen from $1 trillion to $648 billion with the cuts they did in 2011. as far as taxes, they need to change the tax code. businesses need to pay their fair share. i get $22,000 in my civil service and social security. i paid $448 in taxes last year. i am 76 years old. i am barely surviving. host: you mentioned at the beginning that your daughter-in- law, where she employed with a company that depended on government financing? >> yes, some government contracts, so they froze things to try to save jobs and then last friday they laid off five people. -- they froze hiring. host: willie is with us on the line. caller: i look at it like this, when you have a drought, in order to break the drought, everybody has to pay for it. a storm, you have to have a hurricane or a tornado to break a drought. some people are going to get flooded out. so i hope that it will go through. let it do what it is supposed to do and get this stuff straightened out. everybody's looking out for themselves. i worked for general motors. the only thing that got general
. it is important for us, whether we are talking about this issue or our deficit issue, to understand the demographic changes that are happening in and around the country. it is also the case -- i know you have been talking about manufacturing. we have a lot of jobs in this country that are unfilled. as a former superintendent of schools, i can tell you that my first priority is that we have to fill those jobs here. we are doing a horrendous job of preparing people for the stem fields that are required to make sure this country actually leads the world in advanced manufacturing. there is so much more we can do. we have not begun to do what we need to do for kids in this country to be ready for the 21st century. while we do that, it seems to me that it makes no sense for us to be saying to people that have acquired advanced degrees here and our foreign nationals, whose education we subsidized, but for a answer, because of obsolete caps that do not make sense, if that that ought to go build a business to compete with people in the united states. we need those folks here, to be able to d
deficit with china felt by quite a bit suggesting strong american manufacturing and exports. now it's good news, but it doesn't gibe with the latest gdp numbers we have showing that the american economy has contracted. so economists are going to have to go back and figure this one out. those discouraging gdp numbers could very well be wrong. >>> a decent day on the markets. it's been a peculiar week this week, a lot of up and a lot of down. linkdn doing well after blowout yesterday. >>> and the power company that provided electricity to the louisiana superdome said it figured out what caused the power outage during the super bowl. it wasn't hackers, beyonce, it was just a bad relay. sometimes the explanation turns out to be a bit routine. a thing-ga-ma-doo quit working. >> fun to think that beyonce blew out all the lightsp. >> scott mcgrew talking about a thing-ga-ma-doo. >> technical term. >>> a live look. beautiful clear skies more or less here over san francisco. this is the clearest it's been all day. so mostly sunny here. let's show you san jose now. oh, yeah, we're still dealing with
're going to be serious about reducing our deficit, can we combine some smart spending cuts because there's still some waste in government. can we reform our health care programs in particular because we spend a lot more on health care than every other country does, and we don't get better outcomes. there's a lot of waste in the system. there are things we can do to reduce health care costs. and can we close some loopholes and deductions that folks who are well connected and have a lot of accountants and lawyers can take advantage of. they end up paying lower rates than a bus driver or a cop. can we close some of those loopholes? if you combine those things together, then we can not only reduce our deficit, but we can continue to invest in things like education and research and development that are going to help us grow. washington cannot continually operate under a cloud of crisis. that freezes up consumers. it gets businesses worried. we can't afford these self-inflicted wounds. there is a way for us to solve these budget problems in a responsible way through a
is if we can reduce the deficit, can we combine some spending cuts because there's still waste in government, can we reform our health care because we spend more than eany other country. there's ways to reduce health care costs. and can we close loopholes and deductions that folks that are well connected and have a lot of accountants and lawyers can take advantage of, can we close some of those loopholes. if you combine those things together, then we cannot only reduce our deficit but we can continue to invest in things like education and research and development that's going to help us grow. washington cannot continually operate under a cloud of crisis. that freezes up consumers, it gets businesses worried. we can't afford these self-inflicted wounds. and there's a way for us to resolve these budget problems in a responsible way through a balanced approach that the vast majority agrees with. there's no reason why we can't. we can't have washington dysfunction getting in the way. >> it's interesting to hear them say we do need additional revenue but it's not going to come from
. and, norah, even the president has endorsed this move in the past. it was part of his deficit reduction package last year. >> nancy cordes, thanks. >>> john brennan is said to make his case on capitol hill but a leaked memo will complicate tomorrow's hearing. it spells out the case for killing americans linked to terrorism. bill plante is at the white house. bill, good morning. >> reporter: charlie, good morning. the unclassified memo was written by the justice department and sent to some members of congress last summer. it was never intended to be sent to the public, but it was leaked. brennan is the architect of the drone program and now the leak has the white house on the defensive. administration officials argued forcefully tuesday that the targeted killing of terrorists who are american citizens often by drone strikes is acceptable policy in the battle to keep america safe. >> these strikes are legal, ethical, and wise. >> we only take these kinds of actions when there is an imminent threat and when we're confident it's doing so that's consistent with international law. >
economy we have will be beneficial because people are worried about the deficit, worried about the death that comes from the growing deficit so taking a stab at that for the first time in a long time will be beneficial to the economy. connell: are we making progress yet or is there much, much more to do? it is not just economists on the left making this argument, listen, to an half trillion being cut, we are getting there. smell is not the time to get all ciccone in. what do you say of those people? >> in 2007 we were spending 19.7% of gdp in the federal government. it is now around 23 or so. we want to get it back to where it was, so it is not austerity, it is not ciccone and, it is going back to a sensible level of spending. dagen: is a real problem the federal reserve, zero interest rate policy, buying treasury debt and mortgage securities, said the reason congress gets to get away with what it has been doing? >> it makes a little bit easier with the low rates and zero rates, so it is counterproductive but i think the main thing is people have to understand we had a spending explosion
a priority? >> kerry has said he wants to focus on the middle east, and that has been a deficit in terms of the israeli-palestinian track. certainly, i mean, the arab spring made it much more difficult, much more complicated, but some would argue made it more necessary. >> well, yeah. the middle east is also one of the drains that can suck all the oxygen out of the room. you know, you could get involved in it and get sucked down all these different kind of rabbit holes that exist in the middle east. syria, israel, palestine, egypt, iran, iraq which could, you know, get rough, afghanistan, which is a problem. all of those things are, i guess, threads that he could pull on that could leave him not enough time to deal with the trans-atlantic relationship, to deal with china, to deal with our neighbors like mexico where their priority issues. to deal with rebuilding the international institutions that need to be rebuilt. i think he has to be a bit careful not to fall into that trap. >> finally, what about iran and whether we are going to be caught up in something that israel launches or that
. let's reform the defense budget and look at the largest drivers of our deficit in mandate spending programs those on the left end of the spectrum don't want to cut. >>brian: they took gates cuts and are going try to up them by $500 billion. leon panetta takes over from them. has the same fear. here's what he said yesterday on "meet the press." >> we've got a plan for that possibility because there are so many members saying we're going to let it take place, but i have to tell you it is irresponsible for it to happen. i mean, why -- why in god's name would members of congress elected by the american people take a step that would badly damage our national defense, but more importantly undermine the support for our men and women in uniform? why would you do that? >>brian: that is inaccurate. it is the president who proposed these sequester cuts. this isn't congress doing that. and republican fear about these cuts, would you say that's accurate? >> i would say it's accurate. there is a growing resignation to them on the hill for some reason. i was there two weeks ago. everyone seems re
of that cycle? with some of the problems that we're facing right now with the deficit issues, with the entitlement issues that are coming up, how do we get politicians to start talking about some of those tough realities? >> i don't know. the ones that do get slaughtered. i don't know how we do it. i wish i were that smart. >> do you think it's holding back business at this point? or does business operate kind of outside the sphere of what's happening in washington. >> oh, you can't operate outside the sphere. the last few years, where anybody in a corporation was considered evil, and i really felt that way. i know my colleagues felt that way, you have to operate in spite of washington. and because, first of all, you have a responsibility, shareholders employees customers, whatever, but you're a business. and you're there to run a business, and to make good products and get profit, and la, la, la, everybody's happy. so you have to do it even with the weight of washington strapped to your back every day. >> you said that you felt the last two years that businesses and your col
. >>> just a few minutes ago the commerce department reported a u.s. trade deficit sank nearly 21% in december to $38.5 billion. that is the biggest drop in four years. analysts expected it to drop but not by that much. >>> the wall street journal reports u.s. airways and american airlines could announce a merger as early as tuesday. some are scheduled to meet on monday and the boards could meet later that same day. analysts say both airlines would benefit since they have few over lapping roots. >>> time now 5:52. court arguments over a bay area suicide. how first responders are defending themselves. >>> a new day a new tattoo for 49er star quarterback colin kaepernick. what he says the design represents. >>> a few showers around. partly cloudy and a cool breezy day. highs in the low 50s. >>> a judge may decide today if a family of a drowning man can sue the city of alameda. this incident happened memorial day 2011. it made nation-wide news. raymond zach died on a beach in alameda as rescuers watched him on shore. they could not help the man because they were not certified in wate
. sources have nearly tripled since going public in the spring of 2011. the trade deficit fell nearly 21% in december to $26 billion. exports rose, while oil imports plunge. a narrower trade gap helps boost growth. because it means more companies spent overseas. >>> the u.s. postal service lost $1.3 billion from october to december. capping a record year for the agency. earlier this week, the postal service said it would end saturday mail deliveries this summer. though it will continue to deliver packages six days a week. >>> and mcdonald's said sales fell again last month. because of drops in demand and supply chains. that's your money watch. for more, go to cbsmoneywatch.com. in new york, i'm alexis christoforous. >>> as many of you know, this sunday on cbs, the very best will compete for the grammys. we're looking at what is in the running for album of the year. tonight, the black keys el camino. >>> album of the year. >> el camino by the black keys. >> they are these two guys. dan and pat. songwriters from akron, ohio. >> a dirty 70s, unintenti
. while he's faced deficits before and avoided layoffs and furloughs, he says it won't be that easy this year. >> there's just no way, not enough income coming into the county. >> when can we expect answers? >> last night on the southern end of the county, residents spoke out hoping the community's needs wouldn't end up on the chopping block. the most vocal is friends of of the library, friends worried about rumors of cuts in hours and staffing. >> our system is highly integrated. loss of one library would impact the whole system. >> reporter: he says the possibility of cuts in those areas are the most troubling. >> we're at a point where we're making tremendous progress, not just in the police department, but in our state's attorney's office and sheriff's department, corrections department. we don't want to go back. >> i wouldn't like to be in his position, but it's a fact of life. >> we do not want the county executive or county koujs 8 to do a slash an burn. >> the final will be happen this thursday. it starts at 7:00 p.m. the county executive is expected to submit his proposal t
the deficit and government spending. the president told pelley he did see the possibility of a deal with republicans that did not include further tax hikes but did close loopholes and eliminate deductions that allow the wealthier americans to gain the system. he also weighed in on the boy scouts of america and the idea the organization is considering lifting its ban on gay members and leaders. the president said that the boy scouts should be open to gay members and leaders and says he believes everyone should have the same access and opportunities regardless of sexual orientation. >>> homeland security secretary janet napolitano is on the road today. she is traveling to san diego and then she will be in el paso tomorrow to take a look at border security measures. she's meeting with local and state officials. republicans want stricter measures in place as a provision of comprehensive immigration reform but the administration points out it spent $18 billion last year on immigration control and it deported some 410,000 people, a record. we're back with more show after the break. stay w
had the south african mine strikes which really put deficits there relative to the demand that's there. that put platinum and both palladium as well. >> sean, thanks. carl, thank you, as well. >> okay. coming up, folks. details on some looming job cuts on wall street. and we're also building up to the newsmakers of the morning. former treasury secretary robert rubin, in studio. that's a cnbc exclusive, folks, at 8:00 eastern. plus, chicago fed president charlie evans talking about the central bank's next move. do stay tuned. >>> tomorrow, a special edition of "squawk box." live from pebble beach. former yahoo! ceo carol bartz will be our guest host. we'll talk to at&t chairman and ceo randall stevenson. plus, the legendary clint eastwood. >> people have to get creative when the pressure is on. >> it all starts tomorrow at 6:00 a.m. eastern. >>> welcome back to "squawk." barclays capital saying it plans to lay off 275 employees at three offices in new york. it's blaming economic factors for the layoffs. the layoffs are going to take place during a 14-day period beginning may 5th. how do
are you thinking? this winter in storm. everybody at a deficit. this will be the first big storm we have had in a very long time big zacket. two storms now. this is where all the moisture is out across the south. cold air is with this system across the northern plains. both of these storms are going to continue to move up here. they will get together. we call it phasing the streams insteps city once it gets over water. that will happen areas across the northern hazell of jersey. philadelphia and d.c. nor of an new england storm. blizzard watches for boston and proched. very strong went with this. areas of new england definitely getting a monster storm boston and portland inland two feet 32-degree line make a difference for new york. going to be over 1 to 3 inches. maybe 3 to 6 if it goes farther toward the south. shep? >> shepard: not too bad for us. heavy fog may be to blame for a gruesome scene this morning after a series of crashes involving some 27 cars and trucks. officials say it happened on interstate 16 west of savannah, georgia likely because vanget as many as seven tractor trai
the deficit, but it shouldn't just be on the backs of seniors. it shouldn't just be on the backs of young people. >> professor, do republicans not realize that they are protecting the interests of massive oil companies and their profits and potentially throwing the poor into abject poverty? >> if they look at the data and look at the facts, i would say they would absolutely have to acknowledge that. you know, this is kind of a tricky situation, right, because the sequester was never meant to be put into policy. it was meant to sort of threaten politicians to make policy that could be more efficient and a little bit more balanced. a lot of people criticizing this president would not working on behalf of the poor or defending the poor. when you look at the draconian cuts you just listed at the beginning of the segment, those things all attack and undermine the economic and food security of poor people in this country. what's interesting about this whole sequester piece though is that the kind of cuts that we actually need to get in the military are somehow in some ways represented here. so
share. >> the fact is though, we can't finish the job deficit reduction through spending cuts alone. >> yes, we can. [ laughter ] >> we can. >> john: now, that is romance. before we go tonight. one more look at the radar on the scene from boston as the huge storm is getting ready to wrap you up. expected to dump as much as 3-foot of snow in massachusetts and new england. we at fox will be watching this closely. we have complete coverage for you this evening and again tomorrow as new england starts to dig out. that's it for "special report" for tonight. i'm john roberts in for bret baier. good night from washington. "the fox report" is next. >> shepard: this is the fox report. tonight, pictures from massachusetts. waves crashes as a major winter storm moves into the northeast. plus, any minute now we're expecting law enforcement to updates us on this manget the manhunt for this excop accused of killing three people and promising to kill many more. we will bring that to you live. plus, the secret service looking into who apparently got into the email accounts of the bush family. but f
understand that, yes, we need to reduce the deficit, but it shouldn't just be on the backs of seniors. it shouldn't be just on the backs of young people who are trying to get a college education. it should not be on the backs of parents who are trying to give their kids a better start in life. that all of us have to participate and that, in fact, it's important for us to make sure we've got a strong national defense and that we reduce our spending in a smart way. those of us who are luckiest in the society to close a few loopholes and deductions that the average american doesn't get. if that's the choice that we've got, i promise you we can win that debate because we're on the right side of this argument. i hope -- i expect that you guys will be with me on that. last point i'll make, obviously economic growth is a priority. making sure that we're opening up opportunity for everybody is also important. that's why emgregs reform is so critical. i said this is going to be a top priority and an early priority of my administration. i am heartened to see republicans and democrats starting t
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